Local developer and business owner Jamy Keshmiri recently purchaed the downtown building which currently houses Horsehoe Jewelry and Loan.
Redevelopment plans are in the works for the Horseshoe in downtown Reno.
Local developer and business owner Jamy Keshmiri purchased the 25,000-square-foot building, located at 229 N. Virginia St., from the owner of Horseshoe Jewelry and Loan in October for $1.3 million, according to the Washoe County assessment data.
The building was built in 1961 and previously served as the Horseshoe Club Casino. It’s currently home to Horseshoe Jewelry and Loan. The store is going out of business and The Lucky 7 Gift Shop, which occupied the space next to it, has already relocated several doors down.
Keshmiri sees a lot of potential for the downtown property.
“I liked the location,” Keshmiri said when asked about what attracted him to the property. Downtown Reno is in the midst of a renaissance, one way or another, he said.
He said that the building is in need of a lot of renovations.
“It is a lot of old pipes, a lot of old electric and a lot of old stuff,” Keshmiri said. “It is going to take a little bit of work but it is doable.”
He plans to update the retail space on the first floor and continue leasing the space out. In the second floor, he plans to develop his own entertainment concept. He is still finalizing exactly what the concept will be but he does not plan to turn it into a strip club.
The building also includes a basement; however, Keshmiri explained the space has mostly been used for storage.
“It is limited use,” he said.
According to Keshmiri, each of the three levels is about 8,400 square feet. He said he plans to finish renovations and open within the next 12 to 24 months.
Keshmiri also owns several other buildings in downtown Reno including the Old Woolworth’s building on First and Virginia, which houses The Rack, a bar, restaurant and bowling alley, as well as the building that houses Ben’s Wine and Spirits on 4th Street.
Keshmiri is also working on opening a new business in Carson City.
He purchased the building located at 3777 N. Carson St. last July, which previously served as a furniture store. He has already relocated the Carson Ben’s Fine Wine & Spirits there and plans to open an indoor kart racing business in the remaining space. He plans to open in March or April of 2017.
“It came to me that this would be something interesting and something different,” he said.
